DID YOU KNOW:
That the pace of equity and debt issuance in the REIT industry in 2004 has already exceeded 2003 totals?
[November/December 2004]
As of Aug. 31, 2004, listed REITs had raised over $25 billion through debt and equity offerings in 2004, already exceeding the total for 2003. REITs raised $12.3 billion, or 48 percent, of this capital through unsecured and secured debt offerings. An additional $9.5 billion, or 37 percent, of this capital was raised through secondary equity offerings. The largest equity offering through the first eight months of 2004 was Developers Diversified Realty Corporation’s (NYSE: DDR) common stock offering in May, which raised $488 million. Equity Office Properties Trust (NYSE: EOP) led the debt offerings category, raising $1.6 billion through unsecured debt offerings in 2004.
| REIT Capital Offerings in Percent |
 |
| Source: NAREIT. ¹Data as of Aug. 31, 2004. |
The remaining $3.8 billion to date was raised through 16 initial public offerings: Affordable Residential Communities, BioMed Realty Trust, HomeBanc Corporation, Extra Space Storage Inc., Strategic Hotel Capital, Inc., Kite Realty Group Trust, Capital Lease Funding, Inc., American Campus Communities, Inc., Gramercy Capital Corporation, Government Properties Trust, MortgageIT Holdings, Inc., Arbor Realty Trust Inc., Sunset Financial Resources Inc., New York Mortgage Trust, Inc., Global Signal, Inc., and Origen Financial, Inc.
| Total REIT Capital Offerings |
 |
| Source: NAREIT. ¹Data as of Aug. 31, 2004. |
